I've heard a spring start for the Annex (260 units) and an early summer start for Western Supply (320 units), but those won't be turning over until 2025. Santa Fe will be turning over units in spring 2024. The only 2023 turnover I'm tracking will be ARCO with 80 units, followed by Sinclair with 70 units in early 2024.
I think Santa Fe Square is going to be 190 units right? Or am I thinking wrong on that. I think the View was leasing between 20-30 units a month so Santa Fe will take somewhere around 8-10 months to stabilize. So, with the Annex starting a bit later into next year there shouldn't be a huge gap in when new units are on the market.
The supply downtown has been fairly erratic which can be good/bad - it's helped push rents up a lot in the last few years. The View stabilized somewhere around $2.20 per sq. ft. average for the entire property which is pushing rents near feasibility for non-wood construction and the Annex should really help there too for showing feasibility for high-rise apartments.
Do you know if much of Western Supply is going to be dedicated to workforce/affordable housing? Originally I think they had planned for somewhere around a quarter to half the unit to qualify as workforce housing in the 80-120% of area median income limits. Last I had heard of that was several years ago and I know they've changed around the design since then.
Construction in the urban core is really going to need a significant push if rents are going to stay somewhat reasonable now that Tulsa Remote is going to about 1,000 people per year and 70-80% of them are living downtown or within 2-miles of downtown. We really probably need at least 500 market rate units a year downtown, probably more. Affordable housing there's still a huge gap in demand, we could use at least 2,000-3,000 units downtown and near downtown. Most of the THA properties near the urban core have 300 people + wait-lists.
